The 7-Month High Bitcoin On-Chain Activity This Week Was Caused By None Other Than BitGo!

🧐 Following up on the massive Bitcoin on-chain transaction volume from dormant wallets we identified on Tuesday, the primary reason for this spike was due to BitGo moving their assets ("proof" of Wrapped Bitcoin). Though fascinating to see this anomaly, the mild rebound back to $63K was not ignited by these older wallets becoming active. Examples of these transfers are below:

👉 https://mempool.space/address/bc1qa0mxdj0yehl3m99c8tsgepmngz0a0yf96v9al3ejyvla97hysjdsgzj59x

👉https://mempool.space/address/bc1qq7m25904sfa4qn0na5gfssltjdmxwuvqxfl73dunza4s4cysqh7ssale4g

👉https://mempool.space/address/bc1q20mxuuv6ta5uy6m3s34lzwgs6p4qme4wyvv9y2cawd8a45y84susw2c9rk